Eric Cantor looks like he'll ralley enough support to defeat Boehner and kill the bill. Then the likely outcome is that a new bill will be drafted by the 113th Congress and bring the limit back to $200K/$250K. Republicans will also oust Boehner and make Cantor the new Speaker.

Wait, what? What's the reasoning there? If the Republican-led House isn't going to buy a $400k/$450K limit, they're certainly not going to draft a new bill with the old $200K/$250K limit. Or are you taking about the Senate drafting a new bill (in which case it'll be DOA in the House anyways, for the above reason, if it even gets out of the Senate)?

As for the thought of a Speaker Cantor, at least Boehner has a small, tiny, infinitesimal shred of governmental responsibility -- a Cantor-led House would truly be the insane running the asylum (not that they don't already, but that would really strip off whatever veneer of credibility is left. Which, as you point out, may have been the real Dem strategy all along)

A vote on the current bill raises taxes above $400K/$450K level. There was no other bill to follow this. Senate republicans just voted for a tax hike for the wealthy. The House leadership is saying no to that.

Unlike the bill they have now, in the 113th Congress a new bill for the $200K/$250K limit allows for a vote to CUT taxes only. They can argue all they want about subsequent tax cuts for higher wage earners and spending cut offsets.

It's the unemployment benefits and the debt ceiling that are going to once again be held hostage. But Republicans are going to be feeling a little beat up for jumping the fiscal cliff and lots of people all over the country are going to be damn angry. The GOP may not want the abuse and humiliation to fight these other battles with no political gain.

Unlike the bill on they have now, in the 113th Congress a new bill for the $200K/$250K limit allows for a vote to CUT taxes only. They can argue all they want about subsequent tax cuts for higher wage earners and spending cut offsets.

You're assuming the House will act with reason, which it has demonstrated as late as this afternoon it is disinclined to do. Since they were willing to hold hostage not raising taxes on everyone else for not raising taxes on the 1-2%, I don't really see where they wouldn't also hold hostage cutting taxes for everyone else for cutting takes on that same 1-2% ...

It would be nice to think they actually pay attention to public opinion, but that obviously hasn't had much of an impact so far, so I'm not sure it's reasonable to expect them to suddenly start paying attention moving forward ...

In other news, Senate leaders say they're done for this Congress, so either the House passes the existing bill by Thursday or we get to start all over from scratch. Which, if the House is going to keep acting like spoiled little brats, probably wouldn't be such a bad idea =P

you're assuming the House will act with reason, which it has demonstrated as late as this afternoon it is disinclined to do.

They will be acting out of survival! All politics is local. Each representative is going to get an earful from their constituents who will demand they vote to give them back their "Bush tax cuts for the middle-class" and their unemployment benefits …. actually it's unemployment insurance that they've already paid for.

Wall Street will not be happy campers either. They can't blame the President for this.

You can bet the President will be using his megaphone to keep the focus of everyone's pain centered on their republican representatives.

Hey Steve don't pick on Cantor - he just finished his usual breakfast... a hot bowl of steaming shiitt (explains the grin)

Cantor has just deep six-ed the Bill, but most importantly Boehner to become the next Sneaker of the House. Why does he remind me of Goebbels ?? mmmmm

Gary - if the House GOP drags this out and causes much pain (which won't be hard - a few days can be disaster)... they'll get their heads handed to them in 2014... with 2 years people WILL remember... many Senators have the luxury of 4 -6 years for people to forget.

and I think Cantor has been stacking the deck for the past 18 months to throw Bonehead under the bus the first opportunity he got ! THIS is it !! He can emerge as the true TP Speaker with maybe Ryan taking his leadership spot as Majority Leader. I'll bet he has it ALL worked out already ... (the conniving little fokker)

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